Over 80% of the G20 nations and financial centers have now provided regulatory clarity, signaling a global effort to create a fair and balanced commercial environment for the Web3 and cryptocurrency communities. Recognizing the importance of this sector, the Bharat Web3 Association (BWA), the leading organization representing Web3 businesses in India, has put forth a series of proposals and policies for the upcoming government to consider.
The primary demand from the BWA is for the government to acknowledge and integrate the Web3 industry into startup projects supported by relevant agencies such as the Principal Scientific Advisor (PSA) office, Ministry of Electronics and Information Technology (MeitY), and Department for Promotion of Industry and Internal Trade (DPIIT). By doing so, India can capitalize on the immense potential of the Web3 ecosystem, which currently hosts over a thousand companies and has seen a significant increase in its share of Web3 developers from 3% to 12% between 2018 and 2023.
To enable more streamlined operations, the BWA also advocates for Virtual Asset Service Providers (VASPs) to have access to financial services and escrow accounts. This will facilitate smoother transactions and enhance the overall functionality of the industry.
In order to foster innovation, India could establish regulatory sandboxes specifically tailored for startups in the blockchain and cryptocurrency sectors. These sandboxes would provide a controlled environment where companies can test new ideas and solutions, ultimately driving technological advancements and economic growth.
Highlighting the latest crypto news, Bitgert Coin has experienced a remarkable ascent to prominence. Its upward trend has caught the attention of the market, positioning it as a trending cryptocurrency on the rise.
As India embraces the Web3 revolution, it is crucial for the government to adopt a transparent and internationally coordinated regulatory framework to mitigate risks and foster innovation. By implementing the proposals put forth by the BWA, India can position itself as a global leader in the Web3 and cryptocurrency industries, harnessing the full potential of these transformative technologies.